>>> the looming cliff. president obama faces the first challenge after his re-election avoiding a fiscal crisis that could trigger a new recession. frustration builds in the northeast as thousands remain cold and in the dark after two powerful and damaging storms. >> this happened again so soon. feel very frustrating and anxious. >> members of the elite team six are reprimanded for allegedly revealing classified information. >>> this is the "cbs morning news" for friday, of november 9th, 2012. good morning. good to be with you. i'm terrell brown. we begin in washington. there is a new sense of urgency to avert a looming fiscal crisis. it's the so-called fiscal cliff a combination of tax hikes and spending cuts scheduled to kick in next year. both democrats and republicans are talking compromise but we have heard this all before. and in the just released report from the nonpartisan congressional budget office predicts dire consequences unless it's resolved. tokyo's nikkei and hong kong hang seng were down 1% and wall street investors are selling. the dow jones industrials were do

house this morning following his re-election victory on tuesday night. he does not have much time to rest. the pressure is on to forge an agreement with republicans. to avoid a series of automatic spending cuts and tax increases that could send the economy back into recession. tara mergener reports. >> reporter: president obama and the first family returned to the white house wednesday evening, in his words more determined about the work that lies ahead. the president laid out part of a second term agenda in his victory speech tuesday night. >> reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil. we got more work to do. >> reporter: earlier the president embraced staffers at his campaign headquarters in chicago. he acknowledged he has to bring the country together after a costly and bruising campaign. >> whether i earned your vote or not, i have listened to you. >> reporter: and the gop listened too. house speaker john boehner promised his party is willing to get down to business. >> the republican majority here in the ho

first post-election comment will address the nation's fiscal problems. susan mcginnis is in washington with more on all of this. susan, good morning to you. >> reporter: good morning. you know, not everyone believes that the consequences of going over this fiscal cliff are going to be so severe. people are talking about a global financial crisis, another u.s. credit downgrade. those who do say there absolutely has to be a compromise. shortly after the confetti fell on election night both sides claimed victory in their vision of how to deal with the economy. >> there was a message sent to us by the american people based on the campaign. people making all this money have to contribute a little bit more. >> the american people made clear there's still a mandate for raising tax rates. >> reporter: president obama won re-election on the idea that the wealthiest americans should pay more in taxes. a new study said the president's plan would increase revenue and slow economic growth by a tenth of a percent. >> good afternoon, everyone. >> reporter: republicans point to a different study. >> t

with business leaders to talk about the economy. meanwhile stocks have fallen steadily since mr. obama won re-election. the dow lost 185 points on wednesday. it's down 430 points since election day. nancy cordes reports on the looming high budget battle. >> step number one we can take in the next couple of weeks provide certainty to middle class families, 98% of families who make less than $250,000 a year, 97% of small businesses that their taxes will not go up a single dime next year. give them that certainty right now. >> reporter: but john boehner has balked at that idea. it would take away his party's leverage in fiscal cliff issues. >> there's a lot of issues on the table that need to be resolved. i laid out a reasonable framework where both parties can work together and i'm looking forward to meet at the white house on friday and begin that conversation. >> reporter: boehner and other top republicans have proposed eliminating deductions and loopholes that benefit the wealthy instead of raising their tax rates. >> we're not going to hurt our economy and make job creation more difficult, which is

misusing campaign funds. he served in congress for 17 years and easily won re-election to another term last week. jackson has been treated at the mayo clinic in minnesota since june for bipolar disorder and depression. >>> the winner at the weekend box office was bond, james bond. "skyfall" which stars daniel craig in the 23rd bond movie had more than $87 million in ticket sales. and then "ralph" was second and "flight" came in third. and no we're not in kansas any more. the blue dress that judy garland wore in "wizard of oz" sold at auction for $480,000. it was part of a two day auction of hollywood items in beverly hills over the weekend. i'm terrell brown. this is the "cbs morning news". this is the "cbs morning news". [ female announcer ] nothing leaves you feeling cleaner and fresher than the cottonelle care routine. try it. then name it. but what about your wrinkles? neutrogena® rapid wrinkle repair visibly reduces fine lines and wrinkles in just one week. why wait if you don't have to. neutrogena®. so ditch the brown bag for something better. like our bacon ranch quesadillas or big

conference since being re-elected. he'll meet with business leaders to discuss the budget crisis. on friday he meets with congressional leaders as they work to avoid the tax hikes and spending cuts scheduled to go into effect next year. if that happens, middle income families will see a tax increase of $2,000. the congressional budget office says nearly 3.5 million jobs will be lost and the unemployment rate will jump to over 9% if a deal isn't reached. the white house says the president is prepared to listen. >> fair to say the president also believes -- he's not looking to box himself in or box other people's ideas out as we approach the conversation that will begin on friday. >> republicans want to hold the line on income tax rates and force bigger spending reductions. >>> on capitol hill today lawmakers will question the head of the pharmacy that's at the heart of the deadly meningitis outbreak. turns out federal health inspectors wanted to hut down the new england compounding center until it cleaned up its operation. jim axelrod reports. >> reporter: this 22-year-old college yearbook p